Hatteras Yachts Was Sold, Again.

[RyanB]

As far as why European builders can stay in business whilst American soulless corporate builders repeatedly fail- they don’t work their employees to death, or fire them for wanting to spend some quality time with their families. American workers who choose boat building for a career, had best be living in something mobile, be stacking cash, and have no children of school age.

So the Euro builders can stay in business because they're allowing/offering more paid time off, and less working hours? The one costs the employer a lot of money and the later hinders productions. Both of which are a detriment to the bottom line, or these costs are passed on to the consumer who will eventually catch on.

Personally, I don't believe the rise or fall of US companies is based on corporate greed. Offer a good product, at a competitive price, delivered on time and you will have a loyal customer base. The market is what the market is, your job as a business is to be within the market parameters with your product.

We just quoted two production lines. One was built in MI and the other in Germany. The German line was $150K more expensive and had a 15 week longer lead time. In all fairness, the German plant doesn't work Friday's and is off the entire month of August (I think to celebrate bridges??)

Guess who got the order?

 

[Retired1]

That’s exactly what I’m saying. The German company will be still be around when the American company will be long gone.

 

[bostonhatteras]

If memory serves, Hatteras was also owned by AMF at one point in time and survived. Fingers crossed,…

I think the north American Rockwell years were the early nadir of quality, AMF let them be a boat company.

 

[bostonhatteras]

IMHO, anytime companies consolidate the design and production of items of dissimilar quality or scale, the quality of the lesser tends to improve while the quality of greater tends to diminish. This is because the bean-counters seek economies of scale through uniformity of design, engineering, component sourcing and construction.

Think you were buying a Maytag after Maytag bought Magic Chef in the '90s? Think again. Think you're buying a Maytag today? The name remains, but you're buying a Whirlpool--just keep peeling the labels back and you might find Samsung on some the line. I use this example as one for which I can personally attest. Probably everyone on this site can cite a plethora of examples.

I personally hope that this is a good thing. But I remember before AMF there was Rockwell. I recall everyone was glad to get Hatteras away from Rockwell and into a sports oriented corporate group. AMF had just one line of boats.

Cimmaron by Cadillac comes immediately to mind haha

 

[jim rosenthal]

But Cadillac is still in business and doing very well. So brands (even GM!) can be turned around. I hope these guys are able to turn Hatteras around. And I think concentrating on convertibles is a good idea for Hatteras. I just hope someone has the cash and vision to see it through because we're talking about gaining back market share, which, once lost, is not easy to do. It's not like the competition will roll over and play dead.

 

[Boatsb]

Western Europeans work about 15% fewer hours than Americans, so the hourly wage is higher than that of the US in most Western European countries..

Add to that all the special people costs and the right to live above your means and you will see why American companies are screwed.

Hatteras is on an equal footing with viking on that but viking has invested in R&D, customer relations and more.

 

[Pascal]

Press release states the focus will be on sportfish but will still build a limited nr of MY

https://images.saymedia-content.com...Nzc1NzU2ODg4/whiteriver_hatteras-release-.pdf

 

[Westfield 11]

The quality of the average euro builder is nowhere near Hatteras. There are exceptions obviously like Sunseeker and a few others. But ferretti, Numarine, Azimutt, Galeon, prestige etc are not build to the same standards. Delamination on mutts is a frequent issue. Their electrical systems are messy in part because they farm it out to contractors so no two boats are wired the same way.

I was thinking of builders like Nautor/Swan, Oyster and a few others. They are mostly sail yachts, but the principle is the same: expensive high quality boats built in a high wage, high regulation environment and still successful at their business.

 

[jim rosenthal]

There are some high-end American builders still around, like Pacific Seacraft and Morris Yachts. I think the real problem for Hatteras is that somehow they got displaced from their sales niche, if that's the right way to describe it. I have the impression that boat sales are brisk right now; they should be sharing in the general prosperity. Instead, they are nearly going under. Sad.

 

[oscarvan]

I am pretty familiar with the (Northern) European work ethic. There's quite a few people here that, somewhat amusingly, don't know what they don't know......

 

[bigbill]

the story i heard from a long time hatteras dealer was that hatteras did not keep up with the times, the extended several models instead of designing new models. their boats did not get wider with the additional length so you did not gain the room or stability of a wider boat. several examples are the 43 st that was extended to 45, the 50 my that was extended to 53, the 53my that was extended to 58, the 60 sf that was stretched to 65. and on and on. this especially killed the sportfish section of the company

 

[whoover]

In the sportfish market Viking has the upper hand because they are fast. I looked at a beautiful Hatteras 65 Eb last spring. The reason it was for sale was the owner was not happy being passed by his buddies in faster lighter Vikings.

Walt Hoover

 

[SKYCHENEY]

Bass Pro Shop web page(I think this is the same thing that Pascal posted earlier):

https://about.basspro.com/newsroom/...oup-acquires-legendary-boat-builder-hatteras/


pic of renovated Hatteras plant:

 

[zigzag930]

$34million is probably only a bit more than the real estate was worth.

 

[Boatsb]

And what about the debt?

They bought it from an investment group who may not have known what to do with the company before the covid closings.

Ranger and Mako are solid brands. Even good old Irwin couldn't kill ranger. I hope a company with a sportfishing background can pick them back up.

 

[tomrealest]

I think there is still a MY/YF market 48' to 60'. Wider, faster, old design elements. It if you like a Hatteras and can be on the high end of that market BUT competitive it will sell. Any boater knows about what Hatteras used to be.

 

[Retired1]

I think there is still a MY/YF market 48' to 60'. Wider, faster, old design elements. It if you like a Hatteras and can be on the high end of that market BUT competitive it will sell. Any boater knows about what Hatteras used to be.

Any OLD boater. We also know how good the Packards. The market went “thataway” a long time ago.

 

[howhomes]

Big step in this time of uncertainty. More Tax. All around. Yes, exciting family alternative with virus but will that stick? What about government intervention with workforce wages? The Center Console craze, is it over? Is there enough buyers out there to compete with Viking?
Anybody buying stock in Bass Shops after hearing the news? Rhetorical, I don't know if private. I agree that I hope its exciting but boy oh boy what an uncertain business climate we are on the eve of.

 

[jim rosenthal]

Ironic the analogy with Packard. At the end of WW2, Packard (who built something like fifty thousand Merlin aircraft engines) were very solvent and in a good cash position. Twelve years later they were dead. Some bad management decisions and a changing market. Gone. I hope that story does not repeat itself here.

 

[edward]

Ironic the analogy with Packard. At the end of WW2, Packard (who built something like fifty thousand Merlin aircraft engines) were very solvent and in a good cash position. Twelve years later they were dead. Some bad management decisions and a changing market. Gone. I hope that story does not repeat itself here.

. When Packard Motors cars built a car that the chauffeur could afford, they were doomed.